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Pax World Growth Fund Manager Sees Continued Oil Shock for Investors, With Prices Rising as High as $55 a Barrel Energy Stocks Remain Attractive, But 'Very Disruptive' Period Not Over Yet; Five Companies Highlighted as Attractive From a Social and Environmental Standpoint NEW YORK, April 19 /PRNewswire/ -- Energy stocks remain good bets for growth-minded mutual fund shareholders and other investors, but a "very disruptive" oil shock period may continue to play out for several months, with oil prices topping out on a sustained basis as high as $55 a barrel, according to Pax World Growth Fund (PXWGX) Manager Paul Gulden. In a news media briefing today, Gulden outlined his views on likely oil price movements and the prospects for five stocks: Chicago Bridge and Iron Co. (NYSE:CBI); Apache Corp. (NYSE:APA); Chesapeake Energy Corp. (NYSE:CHK); Hydril Co. (NASDAQ:HYDL); and Questar Corp. (NYSE:STR). Gulden said: "I see continued volatility in the oil sector, where a terrorist activity or other supply disruption could lead to a brief 'super spike' in prices. There may still be a ways to go on the very disruptive oil shock that we are being buffeted by right now, but I see oil prices settling down in the $40-$55 range, with the latter being the likely high-end. " Gulden added: "Energy remains a good place for growth-minded investors to take advantage of the current opportunities. Within this sector, Pax World prefers to focus on natural gas, which is a considerably cleaner source of energy than oil or coal. Investors should realize that there are no completely 'clean' energy companies. However, some companies are clearly leaders, either through impact mitigation strategies or development of innovate technologies that reduce or prevent pollution. Several of the social and environmental leaders in the energy sector look particularly attractive right now." The Pax World Growth Fund manager highlighted five companies: * Chicago Bridge and Iron Co. (NYSE:CBI) is one of the world's leading engineering, procurement and construction (EPC) companies, specializing in lump-sum turnkey projects for customers that produce, process, store and distribute the world's natural resources. Gulden focuses on the fact that CBI is the leading company manufacturing natural gas terminals to convert liquefied natural gas (LNG) into a usable energy form after it has been shipped. Gulden sees the company as a critical link in the chain of natural gas production that is likely to become a bigger part of the U.S. energy consumption picture. (As of March 31, 2005, CBI represented 3.2 percent of the Growth Fund portfolio.) * Apache Corp. (NYSE:APA) and Chesapeake Energy Corp. (NYSE:CHK) are two of the best domestic energy exploration companies in the business, according to Gulden. Both have good oil and gas reserves and potential for more in the areas where they operate. Additionally, both these companies benefit from a strong emphasis on natural gas. Natural gas is an environmentally viable option for investors seeking "cleaner" investments in the oil and gas sector. (As of March 31, 2005, APA and CHK represented 2.7 percent and 2.3 percent, respectively, of the Growth Fund portfolio.) * Hydril Co. (NASDAQ:HYDL) and Questar Corp. (NYSE:STR) are on the short list of energy stocks that Gulden favors. Hydril is one of the best deep water service companies in the world, according to the fund manager. Hydril's advanced-design casing and tubing connections ensure the integrity of some of the world's deepest wells and are made to safely contain very high pressure in the tubing and casing strings that conduct oil or gas to the surface from deep in the earth. Gulden notes that Questar is a top-notch utility/exploration company that has major holdings in the Pinedale Antecline natural gas basin in western Wyoming, which is believed to have enormous potential. Questar will have to proceed carefully because this is an environmentally sensitive area and all natural gas drilling creates some surface disturbance. However, on the Pinedale Antecline, Questar has adopted a directional drilling technique to develop its acreage with a fraction of the disturbance created by the opening up of a traditional natural gas field. In addition, 63 percent of Questar's fleet is fueled by natural gas, and the company supports fuel cell research. (As of March 31, 2005, HYDL and STR represented 2.6 percent and 4.4 percent, respectively, of the Growth Fund portfolio.) This news release does not constitute an endorsement of these companies' attractiveness as an investment. Investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. You should consider a fund's investment objectives, risks, charges, and expenses carefully before investing. For this and other important information about the fund, please obtain a free fund prospectus by calling 1-800-767-1729 or visiting http://www.paxworld.com/. Please read it carefully before investing. ABOUT PAUL GULDEN AND PAX WORLD FUNDS Paul Gulden has over 30 years of investment world experience. He is division head and chief investment officer of H.G. Wellington Capital Management, which he joined in 1977. He was a senior portfolio manager and general partner at McMullen & Hard, and investment advisory and brokerage firm and earlier was an investment specialist at the Bank of New York. Paul Gulden believes that attractive growth stocks are found across a range of market capitalizations, from up-and-coming smaller companies in growth industries, to accelerating mid-size high achievers, to acknowledged large-company industry leaders. The Pax World Growth Fund's holdings are focused within economic sectors that seem likely to grow faster than the overall rate of GDP growth. Pax World Funds -- including Pax World Balanced Fund, Pax World Growth Fund, Pax World High Yield Fund and Pax World Money Market Fund -- seek to enable persons of conscience to invest in keeping with their ethical values and to challenge corporations to establish and meet certain ethical standards. The Funds seek to invest in companies that produce goods and services that improve the quality of life such as health care, technology, housing, food, education, pollution control, utilities, and leisure-time activities and that do not invest in companies that make defense or weapons-related products or that derive revenue from the manufacture of tobacco, alcohol, or gambling products. Pax World Management Corp. 222 State Street Portsmouth, NH 03801 Distributor: H.G. Wellington & Co., Inc. -- Member NASD/SIPC DATASOURCE: Pax World Funds, Portsmouth NH CONTACT: Patrick Mitchell, +1-703-276-3266, or , for Pax World Funds Web site: http://www.paxworld.com/

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